2.10% Two Year Discount Further Advance Residential

Main Features

Available for: Further Advances

Min/Max Adv: £5,000/£1,000,000

Max Loan To Value: 80% (please note that interest only mortgages are capped at 75% LTV)

Arrangement Fee: N/A

Valuation Fee: A revaluation fee of £150 may be applicable

Application Fee: £80

Early Repayment Charge (ERC): 1% of the current balance in the first two years

Overpayments: 10% of the advance amount can be repaid per annum for two years without incurring a charge. A 1% charge is due on any amount repaid that exceeds 10% per annum

Restrictions: This mortgage may be repaid on a capital & interest basis or interest only basis.

Other Features: N/A

Please note that we will consider the following:

Guarantor mortgages (max 75% LTV)
Self-employed applicants with only 1 year's accounts (Max 75% LTV)
Joint borrower, sole proprietor (up to product LTV limit)

Representative Example

A mortgage of £91,892.00 payable over 17 years initially on our discounted rate at 2.10% below the Society’s Residential Standard Variable Rate for 2 years and then reverting to our current Residential Standard Variable Rate of 8.74% (variable) for the remaining 15 years would require 24 monthly payments of £752.65 and 180 monthly payments of £855.46 plus one initial interest payment of £501.50.

The total amount payable would be £172,802.90 made up of the loan amount plus interest (£80,655.90) and Revaluation fee (£150), CHAPS fee (£25) and Application fee (£80).

The overall cost for comparison is 8.6% APRC representative.

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